Union Budget 2018-19 recap: Get all updates here
In his last full year budget before 2019 general elections, Finance Minister Arun Jaitley announced massive spending on rural infrastructure besides unveiling a health insurance programme.
With an agenda of “Transform, Energise and Clean India”, Union Finance Minister Arun Jaitley will present the budget in Parliament today.
Here are some of the key expectations from the budget:
- Reduce corporate tax rate to 25% from 30%
- Cut Minimum Alternative Tax to 15% from 18.5%
- Enhance tax deductions, exemptions for individuals
- May tax long-term capital gains in investments
- Establish fund to guarantee credit to encourage investment in agri sector
- Allocation of more funds for crop insurance schemes
Latest Updates
The budget proposes an institutional mechanism to fix the emoluments of the elected members, thereby addressing the criticism that they fix their own salaries: FM Arun Jaitley
Step by step, in every budget, I have been putting surplus money in the hands of the middle-class taxpayer: FM Jaitley
The full Budget speech of FM Arun Jaitley
This year's Budget on the GST revenue is a 12 month Budget with an 11-month revenue: FM
Finance Minister Arun Jaitley addresses the media after presenting the Union Budget 2018-19
From food processing to fiber optics, roads to shipping, youth to senior citizen, rural India to Ayushmaan Bharat, Digital India to Start Up India, this budget strengthens hopes and aspirations of crores of Indians: Prime Minister Narendra Modi
This budget will accelerate economic growth, it is focused on all sectors: PM Modi
I congratulate the Finance Minister for the decision regarding Minimum Support Price. I am sure it will help the farmers tremendously: PM Modi
Finance Minister Arun Jaitley re-introduced the long-term capital gains (LTCG) tax on equities, while the short-term capital gains (STCG) tax was maintained at 15 per cent.
National Insurance Co, Oriental Insurance Co and United Assurance Co to be merged into one entity and subsequently listed.
Sensex at 35,526.23, down by 438.79 points
Propose to tax long term capital gains exceeding Rs 1 lakh at 10% without indexation: Arun Jaitley
Mobile phones to become expensive
Custom duty on mobile phones increased to 20% from 15%: Arun Jaitley
Propose to introduce tax on distributed income by equity-oriented mutual funds at 10%: FM Jaitley
FM proposed to extend 25% corporate tax rate to companies with revenue up to Rs 250 crore.
For senior citizens, exemption of interest income on bank deposits raised to Rs 50,000: Arun Jaitley
Jaitley leaves personal income tax slabs unchanged.Standard deduction increased to Rs 40,000 for medical expenditures.
More payers joining tax net but turnover not encouraging; Govt has made many positive changes in the personal income tax rates applicable to individuals in the last three years therefore I do not wish to make any changes to this: Arun Jaitley
Jaitley announces gold monetisation scheme being revamped so that people can open gold deposit accounts in a hassle-free manner
The Govt is proposing changes in refixing salaries of Members of Parliament. Law will provide automatic revision of emoluments of the MPs every 5 years indexed to inflation: FM Jaitley
Projected fiscal deficit for 2018-19 is 3.3% of GDP: FM Arun Jaitley
This stock surged 14% after a favourable announcement in Budget 2018
Shares of Avanti Feeds rallied over 14 per cent on Thursday after Finance Minister Arun Jaitley announced that the government will double allocation towards food processing companies.
Emoluments of the President to be revised to Rs 5 lakh per month & emoluments of the Vice-president to be revised to Rs 4 lakh per month: Arun Jaitley
Markets pare all intraday gains to slip in red; Sensex below 36,000, Nifty tests 11,000
Govt has identified 372 specific business reform actions to improve ease of doing business; Evaluation of performance under this programme to be based on user feedback: FM Arun Jaitley
Will take all steps to eliminate the use of Crypto-Currencies, will encourage Blockchain technology in payment systems: FM Jaitley
FM Arun Jaitley announces that 1 lakh Gram Panchayats would be connected to optic fibre completed; 5 lakh Wi-Fi spots to be created in rural areas.
“Niti Aayog to establish a national programme to direct efforts towards Artificial Intelligence, including research and development of its applications,” says Jaitley.
Govt to expand airport capacity by 5 times to 1 billion trips a year. Rs 60 crore has been allocated to kick start the initiative. UDAN (Ude Desh ka Aam naagrik) scheme will connect 56 unserved airports and 31 unserved helipads.
Focus will be on safety, maintenance of railway tracks, increase in use of technology and fog safety devices: FM Jaitley
Foundation stone of the bullet train was laid in September 2017. An institute is coming up in Vadodara to train the manpower required for the high speed railway projects; Redevelopment of 600 major railway stations has been taken up; Mumbai transport system is being expanded; suburban network of 160 km planned for Bengaluru: FM Jaitley
12,000 wagons, 5160 coaches and 700 locomotives being procured. There is significant achievements of physical targets by Railways; All railways stations with more than 25,000 footfall to have escalators. All railways stations and trains to have Wi-Fi and CCTVs progressively: Arun Jaitley
MSMEs sector gets Rs 3,794 crore in the form of capital support and interest subsidy.
Proposal to develop 10 prominent tourist destinations as Iconic tourism destinations: Arun Jaitley
Have proposed construction of tunnel under the Se-La pass in Arunachal Pradesh: FM Jaitley
Contribution of 8.33% to EPF for new employees by the govt for three years and 12% govt contribution to EPF in sectors employing large number of people: Arun Jaitley
Cleaning of Ganga is of national importance, have sanctioned 187 projects under NAMAMI Ganga scheme: FM Jaitley
Technology will be the biggest driver in improving quality of education. We propose to increase the digital intensity in education and move gradually from blackboard to digital board, says Jaitley.
Announce allocation of Rs. 56,619 crore for SC welfare and Rs. 39,135 crore for ST welfare: FM Jaitley
Agriculture stocks spike up to 6% on big push to rural India in Budget 2018
Agriculture-related stocks rallied up to 6 per cent on Thursday soon after the Finance Minister Arun Jaitley announced favourable measures such as hiking minimum support price (MSP), allocating more funds to rural-focused schemes to boost agriculture sector.
1 cr houses to be built under Pradhan Mantri Awas Yojana in rural areas, says FM.
Special scheme to support efforts of Haryana, Punjab, UP and Delhi to tackle air pollution through use of in-situ machinery for disposing of crop residue, says FM.
24 new govt medical colleges and hospitals to be set up by upgrading existing district hospitals, promises Jaitley.
Govt to set up two new full-fledged Schools of Planning and Architecture: FM Jaitely
By 2022, every block with more than 50% ST population and at least 20,000 tribal people will have 'Ekalavya' school at par with Navodaya Vidayalas: FM Arun Jaitley
We have allocated 1200 crore allocated for health wellness centres. Rs 5 lakh per family per year for 10 crore poor families. The world's largest govt funded program: FM Jaitley
Govt to launch 'Revitalising Infrastructure and Systems in Education by 2022: FM Jaitley
We have constructed 6 crore toilets under Swachh Bharat Mission, our aim is to build 2 crore more toilets: FM Arun Jaitley
Surplus power produced by solar-powered generators used by farmers will be bought by state distribution utilities: FM
“Crop production at record high; govt is committed to giving 50% more than cost of crop production to farmers. India produced over 275 million tonnes of foodgrains and 300 million tonnes of fruits and vegetables in 2016-17. Agriculture ministry will reorient ongoing programmes to promote cluster-based horticulture production,” says FM.
PM Saubhagya Yojana: 4 crore poor will get power connection. The govt will spend Rs 16,000 crore on this scheme, promises FM
Government proposes to launch 'Operation Greens' on the lines of Operation Flood': FM Arun Jaitley
Introduction of GST has made indirect tax system simpler; Demonetisation has reduced cash in economy, promoted digital transactions: FM
Agriculture is an enterprise and we want to help farmers to produce more and get higher prices for his produce; Kharif MSP has been set at 1.5 times of the produce price. Centre will work with states so that farmers get a fair price: Arun Jaitley
Budget 2018 will work with states to provide more resources to improve quality of education: FM Arun Jaitley
Indirect Tax made simpler with the introduction of GST: FM
Indian economy is on course to achieve high growth of 8 %; Economy to grow at 7.2-7.5% in second half of 2018-19; India expected to become 5th largest economy very soon: FM Arun Jaitley
FM Arun Jaitley’s speech on Budget begins
Parliament proceedings begin
Income Security Act for farmers likely to be announced in the Budget
PM Narendra Modi and Union Ministers Sushma Swaraj and Ram Vilas Paswan arrived at the Parliament.
India Inc also expect cut in corporate tax rate from 30%.
People expect FM's announcement on restructuring of tax slabs. They expect increase in the I-T exemption limit from existing Rs 250,000 to about Rs 300,000.
Copies of Union Budget 2018 being checked by security inside Parliament premises.
Cabinet meeting begins inside Parliament ahead of Union Budget 2018.
Finance Minister Arun Jaitley reaches the Parliament.
FM Arun Jaitley met President Ram Nath Kovind at Rashtrapati Bhavan before presenting the Union Budget 2018-19 in the Parliament.
Union Budget papers arrive in Parliament
Sensex reclaims 36,000 ahead of Union Budget; top index gainer and loosers
Here’s what today's schedule looks like
- FM Arun Jaitley’s speech begins in Parliament at 11am
- Finance minister’s live interview begins at 2pm
- The post-Budget press conference begins at 4pm
- A discussion with the Economic Advisory Council is scheduled for 4.30pm
- #AskYourFM talkathon begins at 7pm
Prime Minister Narendra Modi said that the budget would be developmental and in the interest of the people.
Finance Minister Arun Jaitley to break tradition, to give the budget speech in Hindi.
FM Arun Jaitley reaches the Finance Ministry office where he will hold a final meeting with the officials after which he will visit the President. Will rural economy get a priority in Union Budget 2018?
From FY2012 to FY2016, the share of crop sector within GVA for agriculture has fallen from 65% to 60%, while the slack has been taken up by the non-crop sector with its share rising concomitantly.
Markets will keep a tab on FM’s announcement on LTCG tax, which sources say may come back
What top industry, market honchos expect from Budget 2018
The expectations around this budget are muted with the major focus on a good balance between fiscal discipline and growth reforms. Experts believe rural economy will be the key focus, but infrastructure development and reforms are also likely to be highlighted.
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